You can also check out my staff writer post at Sweating the Big Stuff, Pets – A Bigger Expense Than Expected. 🙂
Invest It Wisely has challenged fellow bloggers to play devil’s advocate to their normal beliefs.
I am obviously a big fan of budgeting, so today I will be presenting you with the top 5 reasons not to have a budget:
1) Time. Forming a budget and keeping it updated does take time. First you have to decide on what system you’ll be using, then you have to create your categories, and later on you put in time to enter your purchases. I spend about 2 hours a month on it now, but it used to take an hour a week when we were really on the ball.
2) Records. You do have to know what purchases you made in order to keep up with each category total, so record-keeping is necessary. Receipts or a small notebook can help out. My husband and I use rewards credit cards as often as possible, so we use those statements and simply have a category for “Cash” for any withdrawals we make. I can also check our check book register to see if we wrote any checks.
3) Prioritizing. It is stressful to prioritize your spending if you have any tough decisions to make. Currently Mr. BFS and I make enough to cover our basic wants and needs, but a few years ago, we had to decide what we could buy and put everything unnecessary to the side. It’s never fun to tell yourself “no”.
4) Confrontation. Budgets can bring to light problem areas and stick them right in your face. I am surprised regularly about how much we spend on food and can almost hear my budget mocking me. You can get it to hush up by either changing your habits or balancing your categories so you aren’t creating unrealistic targets for yourself.
5) Insecurity. Keeping up with a budget could make some people feel like they must be bad with money if they have to keep themselves in check. I see budgeting as the ultimate form of money organization, but telling yourself that “you have to write it down or you’ll forget” may make some people cringe. No one appreciates being treated like a child – sometimes not even by themselves, lol.
Can you think of any other reasons to avoid budgeting?